Futures on the Dow Jones Industrial Average (DJI) are decidedly lower in pre-market trading, as disappointing economic data out of China and Germany weighs on investors. On the home front, "The new National Association of Active Investment
Managers (NAAIM) report came out on Friday, and the reading is the second highest of the year," said Schaeffer's Equities Analyst Bryan Sapp. "Additionally, the CBOE Market Volatility Index (VIX) is trading near a 52-week low. This worries me, as it seems many bears have given up, and this can sometimes signal market tops."
Futures on the Dow Jones Industrial Average are more than 48 points below fair value.
Equity option activity on the Chicago Board Options Exchange (CBOE) saw 1,553,487 call contracts traded on Friday, compared to 956,290 put contracts. The resultant single-session put/call ratio fell to 0.62, while the 21-day moving average dipped to 0.64.
From the Trading Floor
"I'm still keeping my eye on the 1,440, 1,460 and 1,475 levels on the S&P 500 Index (SPX)," continued Sapp. "Also, Apple Inc. (NASDAQ:AAPL) released the iPhone 5 on Friday, and the stock closed right at $700. It's my opinion that this will have a huge effect on the overall market today, especially when we get a look at the weekend sales numbers."
Currencies and Commodities
Earnings and Economic Data
We'll begin the week on the economic front with the Dallas Fed's manufacturing index. Meanwhile, LEN, Paychex (PAYX), and Red Hat (RHT) are scheduled to take their respective turns in the earnings confessional.
Mid-Caps Nearing a Triple of March 2009 Lows
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